Every company with a vision will need an expense management app and that’s a fact. But… this claim will need some reasoning to back it up, as the rule goes. So, let’s simplify it.
One thing that we’d all agree is that employee expense is undoubtedly an essential part of running a business. Many will look at the cost as the face value of the expense, but often are unaware of the hidden expenses that these processes bring. The overall cost of processing expense-claims can escalate to a surprisingly large number.
The traditional paper-based methods of expense processing were replaced by excel sheets and then by spreadsheets with the canonization of computers. But in today’s date, even these practices have become outdated due to the new, automated, cloud-based systems available. This new wave has unburdened employees and employers alike from the pain of being glued to one place due to the dependency on a system and how? By simply taking out the system and fitting it into one single device i.e. your smartphone!
But how will an expense management app be beneficial for my company and what will I be gaining by switching to these methods?
“To err is human.”, however, these mistakes can prove to be costly and putting preventive measures in place will help you and the company in the long run.
One avoidable expense mishap is duplicated expenses, whether employees have mistakenly submitted the same expense twice or have intentionally submitted a duplicate, your company may be spending much more money on reimbursement than they should be. Unfortunately, when it comes to using manual processes such as spreadsheets spotting these mistakes becomes nearly impossible. That is where employing robust software that will automatically flag any duplicate expenses is essential.
In addition to spotting duplicate expenses, automated solutions make it much easier to enforce policy compliance. You are able to set expense limits for certain categories, expense limits for out of pocket expenses and much more. This means that you have tighter control over how much your employees can spend. If your employees are ever out of policy guidelines, then this will be flagged up and managers can spot any mistakes or possible fraudulent expenses straight away.
Well, then what about genuine cases where the expense exceeds the limit, right? This is why these systems are flexible enough to be modified according to the needs of the company. What I am trying to say here is that an intellectual system is capable enough to NOT reject an expense that exceeds the limit. In such cases, the approving authorities get notified and the transparent process allows them to approve without any issues since the money manager expense & budget can not only let the employees add their expenses instantly but also reveal the location from which the expense was made.
Manual processes are inherently long-winded meaning that the time spent on creating and submitting the expense, approving the expense and even processing the expense is taking time away from employees who could be doing more worthwhile tasks in the meantime.
Some companies end up having entire departments dedicated to processing expenses. Archisys recently asked some of its customers regarding the changes that they had observed or faced after implementing a custom-built mobile expense solution and how it helped them achieve and a common answer was that it allowed their staff to get on with their actual work instead of collecting and safeguarding all their bills since their expenses got approved on the go.
Implementing a quick and easy-to-use system that takes away all of the manual data entry, frees up considerable time for your employees, and makes life easy for everyone. But what it also does is to audit it all for you. Yes, app developers do not talk much about this but all these entries get stored in a systematic way that reports can be generated.
In fact, an app like Xpensys has an entire section dedicated to auditors to make desired changes and audit directly without looking at a billion files and folders in order to tally up all the accounts. Also, additional features like tracking location and auto credit transfers via banks is a cherry on the top making Xpensys an ideal expense management app.
Oh, And DO you claim GST back on your expenses?
If not, you have been missing out and if you are, then you’d probably know how complicated the whole process can be. Without the use of automated solutions, claiming back those numbers can be a real headache for your finance team. It is hard to fully quantify but when you start to see the cracks in an old expense management software it is easy to see how time and money quickly gets lost. Companies invest massively in improving and refining other processes so why not take this approach to your expense manager app too?
After all, if a one-time investment can save-up so much for you then why wait? Remember, every second count!